Market Structure

Clock symbolizing continuous trading as the CFTC outlines expectations for 24/7 market operations

CFTC Sets Regulatory Expectations for 24/7 Trading and Clearing Operations

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WASHINGTON, May 29, 2026 — Staff of the Commodity Futures Trading Commission’s Division of Clearing and Risk, Division of Market Oversight, and Market Participants Division issued an advisory outlining regulatory expectations for designated contract markets, swap execution facilities, derivatives clearing organizations, and futures commission merchants seeking to extend trading and clearing operations to a 24-hour-a-day, seven-day-a-week basis.

CFTC seal displayed alongside event contract reporting no-action letter framework

CFTC Staff Issues No-Action Letter on Data Reporting for Event Contracts

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WASHINGTON, May 13, 2026 — The U.S. Commodity Futures Trading Commission’s Division of Market Oversight and Division of Clearing and Risk issued a no-action letter setting out a uniform approach to swap data reporting and recordkeeping obligations for certain fully collateralized event contracts.

U.S. Capitol building representing SEC and CFTC regulatory coordination efforts

CFTC Chairman Signals Deeper SEC Coordination on Crypto Oversight

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WASHINGTON, May 12, 2026 — Commodity Futures Trading Commission Chairman Michael S. Selig said the agency is working with the U.S. Securities and Exchange Commission to further align oversight, rulemaking and enforcement efforts across increasingly interconnected securities and derivatives markets, including the digital asset sector, according to remarks published Tuesday by the CFTC.

U.S. Treasury building graphic for SEC and CFTC cross-margining approval story

SEC and CFTC Approve Customer Cross-Margining Expansion in U.S. Treasury Market

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WASHINGTON, April 15, 2026 — The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission approved coordinated exemptive relief to expand customer cross-margining in the U.S. Treasury market, allowing certain eligible intermediaries to offer customer cross-margining with margin offsets across cleared cash Treasury positions and Treasury futures.

Abstract node network representing market data reporting and odd-lot information dissemination system

LTSE Updates Order Priority Rule to Conform With Odd-Lot Reporting Requirements

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WASHINGTON, April 3, 2026 — The U.S. Securities and Exchange Commission has published a notice of filing and immediate effectiveness of a proposed rule change by the Long-Term Stock Exchange to amend its order priority rule to conform with odd-lot reporting requirements under Regulation NMS, according to an SEC notice.

Illustration of layered documents with structured lines representing liquidity incentive rules for non-displayed orders

Nasdaq Updates and Extends Credit Tier for Non-Displayed Liquidity Orders

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WASHINGTON, April 3, 2026 — The U.S. Securities and Exchange Commission has published a notice of filing and immediate effectiveness of a proposed rule change by Nasdaq to amend its transaction fee schedule, updating and extending a credit tier for non-displayed orders that provide liquidity, according to an SEC notice.

Illustration of layered documents with a node diagram representing transaction reporting system architecture

FCA and Bank of England Establish Taskforce to Harmonise Transaction Reporting

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LONDON, April 2, 2026 — The Financial Conduct Authority and the Bank of England have jointly invited expressions of interest from market participants to join a taskforce aimed at informing the design of a long-term approach to harmonising transaction and post-trade reporting across UK wholesale markets, according to a statement.

ESMA sets operational expectations for EU consolidated tapes ahead of launch

ESMA Sets Operational Expectations for EU Consolidated Tapes Ahead of Launch

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PARIS, April 1, 2026 — The European Securities and Markets Authority has issued guidance on how market participants should prepare for the launch of the European Union’s consolidated tapes, publishing Questions and Answers covering the onboarding of data contributors and operational expectations for Consolidated Tape Providers (CTPs), according to a statement.